Development Firm Buying up Brooklyn Multi-Families

Today The Real Deal has a story about East River Partners, a development firm buying up and gut-renovating multi-families in Park Slope and Carroll Gardens to turn them into condos. According to TRD, “The company is in the process of transforming the buildings into 900- to 2,000-square-foot, two- and three-bedroom condominiums — units designed to lure Brooklyn’s Bugaboo stroller-pushing set.” The firm was responsible for converting 397 First Street, between Sixth and Seventh avenues, shown in the photo above. Four of the seven units are now in contract. They are also taking on projects at 371 Sixth Avenue and 364 Union Street. And they’re in contract to buy 432 10th Street. As for their success sales-wise, Joseph Cohen, one of the company partners said, “So far, all of the units we’ve sold have been at or over the asking price.”Development Firm Sets Its Sights on Park Slope, Carroll Gardens [TRD]